2. MARKETING
Marketing is defined as the activities that are
carried out systematically to encourage and
increase sales of products services as long
as the activities are in line with religious and
ethical.
3. PREPARING A MARKETING
PLAN
The following are eight sugessted steps in preparing
a marketing plan for a business:
1. Define the product concept.
2. Identify the target market.
3. Determine market size.
4. Identify competitors.
5. Determine market share.
6. Develop sales forecast.
7. Develop marketing strategies.
8. Prepare a marketing budget.
5. Product / Services
In outlining product/service strategy , special
attention needs to be given to be the folowing
aspects:
1. Brand
2. Quality
3. Design
4. Packaging
5. Protection
6. Labelling
6. Pricing Strategy
The price of the product or services is the
amount of money charged to the customer for
particular purchase. The most commonly
used are :
Cost based pricing
Value based pricing
Competition based pricing
7. Distribution Strategy
Distribution strategy is aimed at establishing a
structerd and controlled distribution system to
ensure the product offered reaches the target
customer. A distribution channel moves goods
from procedures to customers.
The most common from of distribution channels
are shown below:
1. Direct to Consumer
2. Selling Through Retailers
3. Selling Through Wholesalera
4. Selling Through Wholesaler and Retailers or
Agent.
8. Promotion Strategy
Promotion strategy is used to dissemate
information about the company’s product or
services with the purposes of attrating the
target market.
The three main promotion tools are:
1. Advertising
2. Sales Promotion
3. Public Relations and Publicity.
